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Yuan may become main reserve currency next decade -- Lavrov

December 01, 2012, 14:57 UTC+3
Next decade, under consideration may be turning the yuan into the main reserve currency
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MOSCOW, December 1 (Itar-Tass) —— Next decade, under consideration may be turning the yuan into the main reserve currency, Russian Foreign Minister Sergei Lavrov said.

Many developing countries that have created modern industry and substantially improved the population's welfare have benefited from the globalization, while developed states have experienced processes of deindustrialization and reduction of the middle class stratum, with clearer social stratification, the minister noted on Saturday, when speaking at the Assembly of the Council on Foreign and Defence Policy.

At present, it is a question of searching for solutions to overcome problems in economy of Europe and the United States. Experts say that China may come to the position of a leading economic power in five-six years. Then, evidently, the issue of turning the yuan into the main reserve currency may be raised, the minister said.

For the present, no changes are seen in the policy to continue inflational pumping up of American economy. The crisis of the euro zone assumes a protracted character, Lavrov noted.

Quite a new picture of the world is expected to be formed in the next 20 years. It envisages a painful process of re-adjusting of international relations, the minister added.

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